Yes, your rate will change but not much if you have good credit it will go up around 5.875% to 6%.

Required good credit, adequate reserves, full doc commercial loan with a personal guarantee.  

I tried to rent one of these buildings for a developer. it was brand new construction, really well done.One after another is was voucher applicants who had criminal records, you had no idea who was actually going to be living there, some were high out of their mind and/or drunk, average credit score was 500, consistent late payments, eviction records, etc.By some miracle I rented one place out to 2 young girls looking to save some money.

@Katie Camargo I would consider: HELOC or Cash-Out Refinance:Post-closing, the higher appraisal gives you the potential to tap into the equity via a HELOC (Home Equity Line of Credit) or a cash-out refinance.

So you can scale that if you want.FHA is for people with poor credit and very little down payment.

For financing, you might want to consider reaching out to local banks or credit unions.

It may or may not show on a credit report, depends on the servicing and you should have the loan serviced.Failure to include the debt on a future loan application is mortgage fraud, wanna go to jail?

lol"Yes, and now YOU-TOO for the low-LOW 1 time payment of just $47,000 can learn all the tips, tricks and techniques to make $1 Bazillion dollars, PER YEAR, with NO-money, NO-credit, NO-intelligence, NO-effort and in just 25 minutes per week from the comfort of your Mom's basement!" 

While I wait for my work history, I want to build credit and save for a down payment.

LLC Transfer & the Due on Sale Clause•HELOC: If you take out a Home Equity Line of Credit (HELOC) on your rental, most lenders require the property to stay in your name.